You’re never too young to open your own business. In fact, many successful entrepreneurs today started before they even finished college. They developed the habits and skills necessary to succeed in the business world, such as the basics of accounting and business management, even when they don’t have a lot of years under their belt yet.
So, what are the things that you should do in order to achieve the same? In this article, we list down the best tips on how to start as a young entrepreneur. We also discuss the importance of taking up Accounting and Business Management in senior high school to learn how to manage a business successfully.
How Taking Accounting and Business Management Helps You Succeed
Learning Accounting and Business Management exposes you to the realities of launching and running a business. By taking this CIIT senior high specialization, you can learn the essentials of managing a business, such as business mathematics, organization and management, marketing, finance, and simulation programs, among many others.
These courses lay out the groundwork that you need in order to launch a sustainable venture even in your young years. Learn how to operate your own business and make it profitable, gain customers, and build a business that can survive a turbulent market environment. The track will also give you first-hand experiences that you will need later on when you launch and run your own business.
How to Start and Manage a Business with Accounting and Business Management
How can the ABM track help you start and manage your own business? Here are some tips to consider before you embark on your entrepreneurial journey.
1. Establish the basics
In order to start your own business and keep it afloat, you’ll need to learn the essentials of actually running a business. Learning business mathematics will provide you with a better understanding of your business’s financial position, as well as calculations and forecasts that will help you make better decisions.
You will also need to familiarize yourself with the basics of managing an organization. Hence, you need to know how to be a leader and a manager.
Finally, you should pay close attention to your business marketing. You need to know how to market your brand, encourage sales, and attract target customers.
These basic skills and knowledge can make or break your business. That’s why learning these as early as high school can influence your success as an entrepreneur, business owner, and organization leader.
2. Immerse yourself in the experience
School may give you the technical know-how that you need to launch your company, but first-hand experience is the best teacher. After all, subjects won’t mean much if you don’t put them into action. On-hand experience will show you how your business can thrive despite unfavorable circumstances. It will also help you connect with more seasoned entrepreneurs who’d take you under their wing as an apprentice.
Most importantly, allow yourself to fail and learn from your mistakes. Adopting a growth mindset will help you weather the storms of starting a business.
3. Find the right mentor for you
Mentors are helpful, if not essential, when it comes to the world of business. This is especially true when you’re still just an aspiring entrepreneur. Mentors can help you navigate the harsh business environment and prevent you from committing avoidable or expensive mistakes. They’ve already been there and done that, after all. However, when looking for a mentor, make sure that you partner with one that respects and understands your goals. Plus, they should also uphold principles that align with yours beyond the shared entrepreneurial spirit.
4. Build your network
Networking is crucial in the world of business, so it’s vital that you learn how to form a bond with your peers, be they classmates or former co-workers. Once you’re able to build and maintain a solid network of colleagues, friends, and acquaintances, you’ll experience the benefits tenfold as you put together your business. They can give your business a leg up in its early years. They can also introduce you to new ideas and experiences that can inspire you or spark innovation, which is key when it comes to business.
5. Research and deepen your knowledge
If there’s one thing you need to learn about the business world, it is that it’s unpredictable. Deepening your knowledge helps you learn more about your business environment and about yourself as well. Plus, researching allows you to discover things that your competitors haven’t discovered yet.
6. Gain important business ethics and values
Ethics and values are what will differentiate you from other organizations. What does your company stand for? How does that translate to your work—the projects your company takes on, the objectives you work towards, the people you onboard? It is no longer sustainable to run a business that does not stand for anything concrete. If you want to earn the support of your target audience, make sure you show that you care about the issues they’re affected by.
These are also keys to improving employee productivity and business profitability in the modern work setting. Employees nowadays, especially those that belong to Generations Y and Z, put more emphasis on working with companies that uphold values that align with theirs. It’s highly important to make sure that the internal politics of your company is fair, healthy, and puts your workers first.
Equip Yourself with Ample Skills through Our Accounting and Business Management Track
For the business-minded student who wants to learn how to start as a young entrepreneur, Accounting and Business Management can be the most ideal among all tracks for senior high school in the Philippines. With courses like Business Marketing, Applied Economics, Business Ethics and Responsibilities, among others, students will certainly gain better insight on how to manage a business successfully.